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Nolato

Active and global subcontractor

Nolato develops and manufactures products in polymer materials such as plastic, silicone and TPE for leading customers within medical technology, pharmaceuticals, consumer electronics, telecom, automotive and other selected industrial sectors. Over the years Nolato has strengthened its strategic move from being a manufacturer of components to customer specification to being a solutions-oriented advanced partner for its customers. Sales were SEK 6.7bn in 2017 with an EBITA margin of 11.5%. Nolato has a global presence with only 18% of sales from Sweden.

Economic and business cycle fluctuations. As a subcontractor Nolato is highly dependent on customers’ decisions and commercial performance such as postponed or cancelled projects or product life spans.

Attracting new customers in growth areas as seen in VHP (Vaporiser Heating Products). As customers’ volume prospers so does Nolato’s. Owing to its wide-ranging expertise across different areas of technology, many industries and niches are potential customers. Also, value-added acquisitions are opportunities on the back of a very solid balance sheet and high cash conversion.

SEKm 2018 2019e 2020e
Sales 8102 7626 8608
Sales growth (%) 20,6 -5,9 12,9
EBITDA 1189 1188 1318
EBITDA margin (%) 14,7 15,6 15,3
EBIT adj 938 856 982
EBIT adj margin (%) 11,6 11,2 11,4
Pretax profit 921 824 946
EPS rep 27,32 24,55 27,99
EPS growth (%) 25,7 -10,1 14
EPS adj 27,51 24,85 28,38
DPS 14 14 14,2
EV/EBITDA (x) 8 11,2 9,9
EV/EBIT adj (x) 10,2 15,5 13,3
P/E (x) 13,4 20,5 18
P/E adj (x) 13,3 20,3 17,8
EV/sales (x) 1,2 1,7 1,5
FCF yield (%) 6,7 4,7 4,9
Dividend yield (%) 3,8 2,8 2,8
Net IB debt/EBITDA -0,1 0 -0,2
SEKm 2018 2019e 2020e
Sales 8102 7626 8608
COGS -6845 -6430 -7230
Gross profit 1257 1196 1377
Other operating items -68 -8 -59
EBITDA 1189 1188 1318
Depreciation on tangibles -240 -324 -326
Depreciation on intangibles 0 0 0
EBITA 949 864 992
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -10
EBIT 941 856 982
Other financial items 0 0 0
Net financial items -20 -33 -36
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 921 824 946
Tax -199 -176 -208
Net profit 722 647 738
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 722 647 738
EPS 27,32 24,55 27,99
EPS Adj 27,51 24,85 28,38
Total extraordinary items after tax 3 0 0
Tax rate (%) -21,6 -21,4 -22
Gross margin (%) 15,5 15,7 16
EBITDA margin (%) 14,7 15,6 15,3
EBITA margin (%) 11,7 11,3 11,5
EBIT margin (%) 11,6 11,2 11,4
Pretax margin (%) 11,4 10,8 11
Net margin (%) 8,9 8,5 8,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 20,6 -5,9 12,9
EBITDA growth (%) 21,3 0 10,9
EBIT growth (%) 25,6 -9 14,7
Net profit growth (%) 26,2 -10,3 14
EPS growth (%) 25,7 -10,1 14
Profitability 2018 2019 2020
ROE (%) 30,4 23,5 23,7
ROE Adj (%) 30,6 23,7 24
ROCE (%) 29,6 22,8 22,8
ROCE Adj(%) 29,7 23 23
ROIC (%) 28,3 22,6 23,1
ROIC Adj (%) 28,2 22,6 23,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1186 1188 1318
EBITDA Adj margin (%) 14,6 15,6 15,3
EBITA Adj 946 864 992
EBITA Adj margin (%) 11,7 11,3 11,5
EBIT Adj 938 856 982
EBIT Adj margin (%) 11,6 11,2 11,4
Pretax profit Adj 926 832 957
Net profit Adj 727 655 748
Net profit to shareholders Adj 727 655 748
Net Adj margin (%) 9 8,6 8,7
SEKm 2018 2019e 2020e
EBITDA 1189 1188 1318
Net financial items -20 -33 -36
Paid tax -199 -176 -208
Non-cash items 0 0 0
Cash flow before change in WC 970 979 1074
Change in WC 85 -114 -40
Operating cash flow 1045 1023 1072
CAPEX tangible fixed assets -398 -405 -422
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 647 618 650
Dividend paid 329 370 369
Share issues and buybacks 0 0 0
Other non cash items -664 -1162 -738
Decrease in net IB debt 312 -174 281
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 780 771 738
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1518 1979 2098
Other fixed assets 114 80 80
Fixed assets 2412 2830 2916
Inventories 566 586 667
Receivables 1225 1620 1773
Other current assets 0 0 0
Cash and liquid assets 953 1184 1465
Total assets 5156 6220 6821
Shareholders equity 2592 2929 3298
Minority 0 0 0
Total equity 2592 2929 3298
Long-term debt 794 1199 1199
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 1486 1786 1981
Other current liabilities 284 305 343
Total liabilities and equity 3924 4752 5156
Net IB debt -159 15 -266
Net IB debt excl. pension debt -159 15 -266
Capital invested 2717 3249 3375
Working capital 305 419 460
EV breakdown 2018 2019 2020
Market cap. diluted (m) 9686 13290 13290
Net IB debt Adj -159 15 -266
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 9527 13305 13024
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 163,5 134,1 132
Capital invested turnover (%) 310,5 255,6 259,9
Capital employed turnover (%) 254,5 203 199,6
Inventories / sales (%) 6,8 7,6 7,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,9 21,5 21,9
Working capital / sales (%) 4,3 4,7 5,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -6,1 0,5 -8,1
Net debt / market cap (%) -1 0,1 -2
Equity ratio (%) 50,3 47,1 48,4
Net IB debt adj. / equity (%) -6,1 0,5 -8,1
Current ratio (%) 155 162,1 168
EBITDA / net interest (%) 5945 3649,1 3664,5
Net IB debt / EBITDA (%) -13,4 1,3 -20,2
Interest cover (%) 4745 2654,3 2759,2
SEKm 2018 2019e 2020e
Shares outstanding adj. 26 26 26
Fully diluted shares Adj 26 26 26
EPS 27,32 24,55 27,99
Dividend per share Adj 14 14 14,2
EPS Adj 27,51 24,85 28,38
BVPS 98,08 111,08 125,07
BVPS Adj 68,57 81,83 97,09
Net IB debt / share -6 0,6 -10,1
Share price 589,92 504 504
Market cap. (m) 15590 13290 13290
Valuation 2018 2019 2020
P/E 13,4 20,5 18
EV/sales 1,18 1,74 1,51
EV/EBITDA 8 11,2 9,9
EV/EBITA 10 15,4 13,1
EV/EBIT 10,1 15,5 13,3
Dividend yield (%) 3,8 2,8 2,8
FCF yield (%) 6,7 4,7 4,9
P/BVPS 3,74 4,54 4,03
P/BVPS Adj 5,35 6,16 5,19
P/E Adj 13,3 20,3 17,8
EV/EBITDA Adj 8 11,2 9,9
EV/EBITA Adj 10,1 15,4 13,1
EV/EBIT Adj 10,2 15,5 13,3
EV/cap. employed 2,8 3,2 2,9
Investment ratios 2018 2019 2020
Capex / sales 4,9 5,3 4,9
Capex / depreciation 165,8 125 129,5
Capex tangibles / tangible fixed assets 26,2 20,5 20,1
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 15,8 16,4 15,5

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Main shareholders

Nolato

Main shareholders Share capital % Voting shares % Verified
Lovisa Hamrin 3.3 % 16.1 % 31 May 2019
Gun Boström 3.3 % 9.0 % 31 May 2019
Lena Boström 2.3 % 8.5 % 31 May 2019
Capital Group 8.5 % 4.4 % 31 Mar 2019
Lannebo Fonder 6.5 % 3.3 % 30 Apr 2019
Carl-Olof och Jenz Hamrins Stiftelse 5.2 % 2.7 % 31 Mar 2019
Handelsbanken Fonder 3.7 % 1.9 % 31 May 2019
Didner & Gerge Fonder 2.8 % 1.4 % 31 May 2019
Vanguard 1.7 % 0.9 % 30 Apr 2019
Dimensional Fund Advisors 1.7 % 0.9 % 30 Apr 2019
Source: Holdings by Modular Finance AB

Insider list

Nolato

Name Quantity Code Date
Carl Johan Edvard Iveberg - 16 000 SELL 3 Jun 2019
Johan Arvidsson - 14 000 SELL 3 Jun 2019
Per-Ola Holmström - 18 000 SELL 3 Jun 2019
Christer Wahlquist - 18 000 SELL 3 Jun 2019
Christer Wahlquist - 18 000 SELL 3 Jun 2019
Johan Arvidsson - 14 000 SELL 3 Jun 2019
Carl Johan Edvard Iveberg - 16 000 SELL 3 Jun 2019
Per-Ola Holmström - 19 000 Redemp 31 May 2019
Per-Ola Holmström + 19 000 Redemp 31 May 2019
Christer Wahlquist - 19 000 Redemp 31 May 2019

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